Nigeria, Africa’s most densely populated country, is preparing to pass a new bill that would legally recognize it by ending the ban on Bitcoin (BTC) and other cryptocurrencies.
According to the news by the Nigeria-based local newspaper Punch, the Nigerian government is preparing to pass a new bill that will legally recognize cryptocurrencies to be approved by the parliament. Use of Bitcoin and other cryptocurrencies “to global applications” of the law that will accept it as a way to keep up clear approval date if not reported.
If this regulated bill is approved, in addition to the legal recognition of Bitcoin and other cryptocurrencies, the law will Central Bank of Nigeria (CBE) and Nigerian Securities Exchange Commission (SEC) It was stated that it will outline their regulatory role in issues related to digital currencies.
In the news, “2007 Investment and Securities Bill”if approved by Nigerian Securities and Exchange Commissionof, “to recognize cryptocurrencies and other digital funds as capital for investment” It was underlined that you would allow
Chairman of the House of Representatives Capital Markets Committee Babangida Ibrahim In his interview on the subject, he made the following statements:
As I said earlier in the second reading, we need an efficient and vibrant capital market in Nigeria. In order to do this, we need to be aware of global practices.
As will be remembered, the Nigerian government February 2021He signed a decision banning all crypto money activities in . Many local users, including banks, were fined millions of dollars under these bans.
However, almost 10 months have passed since this ban on cryptocurrencies. Central Bank of Nigeria‘s change of mind surprised local investors. This change of minda second reviewLaunched as ”, the bank declared the ban applied last year as “to lack of control” tied:
When cryptocurrency was first banned in Nigeria, CBN discovered that many of these investors did not even use local accounts. So they are not within the jurisdiction of the CBN. There was no way CBN could check them because they didn’t use a local account.
According to local commentators, another reason for this change in regulation is the public’s local digital currency belonging to the Nigerian government. to eNaira It was alleged that he had a disinterested attitude. In recent reports shared by the government, approx. 12 months active eNairato the public only 0.5%It was shown that he was interested.
On the other hand, the public’s interest in Bitcoin did not decrease despite all the bans. Nigerians, Bitcoin transaction volume last year fireplace from month August until the month USA onlylagged behind. With this Chainalysis Global cryptocurrency adoption by 2022 according to data via google Looking at the search rates for the word “Bitcoin”, Nigeria ranks in the world 11th. it happened.
Also, the Nigerian government September at the beginning of the month Binance that they have agreed with digital economy space announced that they would cooperate to create